We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Ryanair Holdings PLC (RYAAY) - $25 value - yours FREE >>
Delta Air Lines, Inc. (DAL) - $25 value - yours FREE >>
United Airlines Holdings Inc (UAL) - $25 value - yours FREE >>
American Airlines Group Inc. (AAL) - $25 value - yours FREE >>
Image: Bigstock
Ryanair Staff Agrees to Pay Cut Decision to Limit Job Losses
Per a Reuters report, European low-cost carrier Ryanair Holdings (RYAAY - Free Report) will trim its workforce less than the original estimate of 3,000. This favorable development followed the decision of 97% of its pilots and more than 90% of its cabin crew to accept pay cuts as the coronavirus continues to ravage the airline by reducing air-travel demand significantly.
Notably, management had already warned of taking a stern action by removing one in five of its pilots and the cabin crew if they disagree to take lower remuneration by up to 20% under the current scenario. Recognizing the gravity of this situation, most pilots and the cabin staff have so far signed deals pertaining to salary cuts and work practice changes.
In his reaction, Ryanair’s director of operations, Neal McMahon said: "We haven't finalised the number yet, we originally said there was going to be 3,000 redundancies but we have been able to reduce that significantly.”
The actual extent of job cuts at the currently Zacks Rank #3 (Hold) Ryanair, however, depends on the booking scenario for the upcoming season apart from the degree to which the ongoing global health peril disrupts air travel in 2021. Other European carriers like easyJet also cautioned against of job losses as air-travel continues to be adversely impacted by the pandemic crisis. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Moving across to the United States, the financial aid under the CARES act protects jobs at the airlines only through Sep 30, 2020. However, many U.S. carriers like Delta Air Lines (DAL - Free Report) , American Airlines (AAL - Free Report) and United Airlines (UAL - Free Report) alerted employees to the possibilities of lay-offs post the above date as the companies are grappled with the problem of overstaffing due to depressed revenues.
Just Released: Zacks’ 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.3% per year.
These 7 were selected because of their superior potential for immediate breakout.
See these time-sensitive tickers now >>